Database

When information is power, databases are the unsung heroes of countless businesses. Why should companies bother with databases? If you’re running a small online store with a growing list of customers, orders and products, keeping track of all that information would be a nightmare – like trying to find a needle in a haystack every time you look up an order. But a well-designed database can quickly search, sort and update information with a few clicks, saving time and minimising errors. Databases can be valuable intangible assets beyond just storing and managing data. High-frequency trading firms, for instance, use sophisticated databases to analyse market data in real-time and execute trades with lightning speed, which gives them a competitive edge to capitalise on market opportunities and generate profits. Databases can also play a crucial role in risk management by providing accurate and timely information for assessing and mitigating risks. For example, a financial institution’s database of transaction data and customer profiles can help identify fraudulent activities, monitor compliance with regulatory requirements and manage credit and market risks effectively.